Daily Ag Direction 12/26/24
Markets are reopening after the Christmas holiday relatively quiet, but in a positive fashion, with wheat, corn, beans, & cattle all trading slightly higher on light volume & a weaker USD.
Strong demand & thin trading volume is pushing corn higher and testing out trades above 4.50 March. Weekly export data has been delayed till tomorrow so look for the market to do some fact checking to close the weeks trade. Weather in S. America still tends to be mixed with Brazil looking good & Argentina showing a dry spell for the next two weeks.
TX/OK/KS look to remain dry as the market begins to think about what winter kill could look like for HRW in the Plains while temperatures on the horizon may be dropping. Soybeans are regaining some losses with talk of JFM crop development risk in S. America, but may have a tough time escaping & holding past previous support levels of 9.80 Jan.
Markets as of 9:37 AM
March KC up 3 @ 5.47 / Resistance @ 5.75 / Support @ 5.45
- New crop July25 KC @ 5.64
March Corn up 3 @ 4.51 / Resistance @ 4.50 / Support @ 4.30
- New crop Dec25 @ 4.440
Jan Beans up 7 @ 9.80 / Resistance @ 9.90 / Support @ 9.60
- New crop Nov25 @ 10.01
Kavan Killian
RMA TX/OK Panhandle
8067537099
